Under the terms of his current contract with Purdue, Walters received an annual salary of $2.8 million. He was set to enter the third year of a five-year agreement that would have paid him a total of $14 million.
According to the buyout provision in Walters' contract, Purdue was required to pay him 50% of the remaining salary on his contract. This amounted to a lump sum payment of $700,000.
Mike Bobinski, Purdue's athletic director, released a statement expressing gratitude to Walters for his contributions to the program. "We wish Ryan all the best as he takes on a new challenge at Illinois. He has been a great coach and asset to Purdue, and we appreciate his dedication."
Walters was hired as Purdue's head coach in December 2022, replacing Jeff Brohm. In his brief tenure with the Boilermakers, he led the team to a 9-4 record in 2022, including a victory in the TransPerfect Music City Bowl.
Walters' departure leaves a significant hole in Purdue's football program. The university is expected to begin a search for a new head coach immediately. Potential candidates include current assistants, former head coaches, and coordinators from other schools.
The departure of Ryan Walters marks a significant change for Purdue football. The university will now focus on finding a replacement who can maintain the success the program has experienced under his leadership. The buyout payment serves as a reminder of the financial obligations associated with coaching contracts in major college athletics.
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